Supermarkets DROP prices as customers fed-up with cost of food head to cheaper brands

Morrisons has pumped £25 million into the new price cuts to slash the price of 64 cupboard essentials, breakfast goods and fresh produce by almost a fifth, following other supermarkets doing similar schemes.

The supermarket giant fell out of the 'Big Four' leading UK supermarkets last year, being overtaken by discount retailer Aldi.

Among the price reductions are:

The offers, which also include multi-buy deals such as two for £2 on crisps and two for £1.80 on cereals, launch in stores and online this week.

Morrisons was found to have increased prices more than any other UK supermarket last year, according to credit rating agency Moody's.

And shoppers voted with their feet – and wallets - with sales at Aldi rising to 9.2% of the UK supermarket sector in August, kicking Morrisons, which had 9% market share, out of the top four.

In September it was reported discount retailer Iceland was also making gains, with a 5.8% increase in sales year-on-year.

The average UK household now spends £4,296 a year on food, NimbleFins research found. The average weekly food shop is up about 15% in a year.

Morrisons has so far invested £148 million over the last six months to cut prices and says it reduced about 1,000 items in January alone.

With Aldi aggressively trying to build its market share – having this week announced hopes to almost double its number of stores in London - other supermarkets are also cutting their prices.

Waitrose last week announced a £100m price-cutting scheme on hundreds of its own brand products.

Meanwhile Sainsbury's said it was investing £50m into price reductions, saying it will have spent £550m doing so over two years.

Supermarket market share:

12 weeks to January 22 2023. Source, Kantar

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